Daily Mail owner to return Euromoney stake to shareholders

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FILE PHOTO: A clock face is seen outside of the London offices of the Daily Mail newspaper in London, Britain, April 28, 2018. REUTERS/Toby Melville

LONDON (Reuters) - The owner of Britain’s Daily Mail newspaper plans to return all of its shares in Euromoney Institutional Investor and 200 million pounds cash to eligible shareholders, it said on Sunday.

Daily Mail and General Trust holds more than 49 percent of Euromoney, which provides business-to-business information, and is its largest shareholder and founding investor.

“In total, the distributions will result in almost 900 million pounds of assets being returned to shareholders, who will benefit from direct ownership of Euromoney while retaining exposure to a simplified DMGT Group,” DMGT Chief Executive Paul Zwillenberg said in a statement.

Euromoney Chief Executive Andrew Rashbass said in a statement that the company supported the proposal.

“The proposed distribution would result in a more diversified shareholder base for Euromoney and we would expect it to result in increased liquidity in our shares. This should benefit both existing shareholders and those joining the register as a result of the proposed distribution,” he said.

DMGT said that eligible shareholders would be holders of A Shares other than Rothermere Affiliated Shareholders and the DMGT Employee Benefit Trust.

Reporting by Kylie MacLellan; Editing by David Goodman and Hugh Lawson